The Chicago Fed National Activity Index (CFNAI) increased to -0.28 in May from a revised -0.36 in April, suggesting that economic activity remained below trend. Although two of the four broad categories of indicators improved, three categories still contributed negatively to the index in May. Production-related indicators contributed -0.11, improving from -0.18 in April. The sales, orders, and inventories category made a neutral contribution, up from -0.14. The personal consumption and housing category contributed -0.12, down from -0.03. Meanwhile, employment-related indicators contributed -0.05, compared with -0.02 in April.